• Where Are the Customers' Yachts?: or A Good Hard Look at Wall Street

  • By: Fred Schwed Jr., Peter Arno
  • Narrated by: Mark Moseley
  • Length: 4 hrs and 5 mins
  • Unabridged Audiobook
  • Release date: 03-08-2012
  • Language: English
  • Publisher: Audible Studios
  • 4.5 out of 5 stars 4.4 (9 ratings)

Publisher's Summary

Humorous and entertaining, this book exposes the folly and hypocrisy of Wall Street. The title refers to a story about a visitor to New York who admired the yachts of the bankers and brokers. Naively, he asked where all the customers' yachts were? Of course, none of the customers could afford yachts, even though they dutifully followed the advice of their bankers and brokers. Full of wise contrarian advice and offering a true look at the world of investing, in which brokers get rich while their customers go broke, this book continues to open the eyes of investors to the reality of Wall Street.
©1940, 1955, 1995, 2006 Fred Schwed, Jr. Foreword © 1995 by John Wiley & Sons, Inc. Introduction © 2006 by Jason Zweig (P)2012 Audible, Inc.
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Critic Reviews

"Once I picked it up I did not put it down until I finished.... What Schwed has done is capture fully - in deceptively clean language - the lunacy at the heart of the investment business." (From the Foreword by Michael Lewis, best-selling author of Liar's Poker)
"[O]ne of the funniest books ever written about Wall Street." (Jane Bryant Quinn, The Washington Post)
"How great to have a reissue of a hilarious classic that proves the more things change the more they stay the same. Only the names have been changed to protect the innocent." (Michael Bloomberg)
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Regular price: $17.56

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Customer Reviews

Most Helpful
4 out of 5 stars
By Zakgirl on 23-05-2015

That guy's got your yacht!

This well-healed read, is funny and cynical, and that's what I like in a book. I couldn't put it down. It is probably the book I should have started with reading about Wall Street before investing but sometimes we don't know these things as we simply get started and ask questions later, a bit like life itself really. If you haven't read any books on investing then do read this one. A timeless classic as stated by other reviews and still has relevance but some of the younger generation might find some of the colloquialisms a little testy, although nothing a quick Google search wouldn't fix. It's funny, and I'm very tempted to ask my financial advisor, "Where's my yacht?" but like all the advice that tends to come from advisers the answer would simply be a well rehearsed response in changing the topic. A tad intellectual but holds the attention of anyone who likes dry wit, satire, and is rather cynical.

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Customer Reviews

Most Helpful
5 out of 5 stars
By NEEL KANASE on 13-07-2015

Great insight

I am amazed at the accuracy of how brokers talk to clients and how little has changed in 80 years!
Very good insight to know that if you invest with discipline you will be successful and you don't 'need' a broker and you CAN do it on your own. Great read for a novice like me!

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1 of 1 people found this review helpful

5 out of 5 stars
By montgomery on 16-04-2015

Classic book!

Very informational, yet entertaining. Before you go and lose money speculating in the market, please listen to this audio book.

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1 of 1 people found this review helpful

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Customer Reviews

Most Helpful
4 out of 5 stars
By rubik on 22-12-2016

A must "listen"

Great perspective of the goings on of the financial industry. The essence of the book is that the "casino always wins".

Enjoy

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5 out of 5 stars
By mp on 24-03-2015

It is very true!!!!!

I need to agree entirely with the author. People never change. Especially working in this area described in this fantastic book. Thank you.

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